- Sharps Technology has partnered with Coinbase for custody and trading of its Solana assets.
- Sharps holds over two million Solana (SOL) tokens, worth about $447 million at current prices.
- Through the agreement, Coinbase Prime will provide secure storage and over-the-counter (OTC) trading services.
- Following the announcement, Sharps’ and Coinbase’s stock prices declined in pre-market trading.
- Sharps previously outlined a Solana-focused treasury plan and has also partnered with crypto.com for similar initiatives.
Sharps Technology announced a new partnership with Coinbase to manage its rapidly growing Solana (SOL) holdings, according to a statement released Thursday. The company will leverage Coinbase Prime for secure custody and over-the-counter trading of its digital assets.
Sharps now owns more than two million Solana tokens. At the current price of about $223 per token, this holds a value of roughly $447 million. Market data shows that Solana was up 1.2% in the previous 24 hours, making it the only top 10 cryptocurrency in positive territory during early morning trading.
Under the terms of the partnership, Coinbase Prime will serve in both storage and OTC trading roles. This arrangement adds to Sharps’ recent strategy shift toward holding digital crypto assets. Meanwhile, Sharps’ stock price fell 3.4% in pre-market trades after the news. Retail sentiment, based on social media activity, shifted downward from “extremely bullish” to “bearish.” Chatter was also reported as significantly reduced.
Shares of Coinbase also declined by 0.73% in pre-market trading following the announcement. Despite this, sentiment around Coinbase remained positive, although online discussion volume dropped to normal from previously high levels.
Sharps Technology first signaled its Solana treasury strategy in August following a $400 million private placement, aiming to develop one of the largest Solana digital asset treasuries. In September, Sharps also partnered with Crypto.com for custody infrastructure and OTC desk services, similar to the Coinbase deal.
For additional context on cryptocurrency markets, see this resource: Bitcoin, Ethereum, And Other Major Cryptocurrencies Dip Ahead Of Powell’s Speech Amid Rising Dollar.
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